OCC Approves First Use of “Shelf Charter”

On January 22, the OCC approved the first use of a “shelf charter” for the acquisition of a failed bank, allowing Bond Street Bank, National Association to acquire a Florida bank that was placed in receivership.  A “shelf charter” gives preliminary approval to investors to establish a national bank charter and remains inactive, or “on the shelf”, until the investor group is in a position to acquire a troubled institution.  Final approval for a national bank charter is subject to various conditions.  OCC Release.